PARTICK THISTLE today rejected a buy-out bid by Glasgow sports promoters Braveheart, which was claimed to be worth around £5m.

Braveheart director of football George Gray, acting on behalf of owner Barry Hughes, says he had put together a bid with Spanish backers to buy the club and wipe out their £1.5m debt.

The deal also included a return to Firhill for League Cup-winning hero Ronnie Glavin as manager in a new coaching structure.

Glavin, currently chief scout with Sheffield United, would have been joined by ex-Jags boss Gerry Collins and current caretaker and former team-mate Jimmy Bone. And Bobby Dinnie would have been head of youth development.

However, the current board are already in talks with a development company over a deal which would also wipe out the debt and allow them to remain in control.

Gray said today: "After making contact with Partick Thistle's chairman (Allan Cowan) last week we had hoped to bring their board to the table today. Our plan was quite simple, in that we wished to buy the club. In that regard I had a meeting lined up with our Spanish backers in Marbella tomorrow.

"However, after speaking with Mr Cowan I understand Partick have chosen to go down a different route, and both myself and Barry are deeply disappointed.

"Let me assure you that the finance was there to take over the club and its debts and then make Partick a force at SPL level once more. Sadly, that opportunity appears to have gone."

Gray, who has contacts in Spain, England and Europe was confident that he would have been able to bring the quality of player to Firhill to make Thistle a top-six club.

Hughes was also planning to bring big-time boxing back to Firhill during the summer.

Cowan confirmed: "We have spoken to a number of parties recently about redeveloping the ground and investing in the club.

"While preliminary talks with Braveheart were held it was too early to make a decision based on these talks.

"However, our priority always remained to keep control of the club with the current board and to seek to successfully redevelop the existing part of the stadium (south terrace).

"We feel we are well on the way in that regard."

There was bad news for Thistle today when shirt sponsor, the DH Morris Group, went into receivership. That means the final season of their five figure-a-year shirt deal will now fall void.